USOIL is seemingly done painting a pullback pattern. It reached 0.618 retracement level of previous bear leg, as well the 0.236 fib extension is pointing to the same level. If this market continues with the recent downtrend, these two levels should attract supply and a break to previous lows can potentially occur. The inside fork's MLH on bear impulse move pivots ABC is also anticipated to attract supply around these levels. This is a pullback trend continuation play with a decent R:R but lower probability. Worth the risk as per me.
Do you think there will be a pullback after that massive drop last Friday? Until what price? Or will the drop continues when the markets open on Monday? Thanks for your help.
Zoen_Trieste
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@Tara, close was quite bearish but I think some pullback early next week is very possible. Plus, there’s also a possibility of double bottom attracting demand.